Index Trends & Stocks In Action For 4th September 2013
DSIJ Intelligence / 04 Sep 2013
The Nifty has formed a bearish engulfing candlestick pattern. What does this mean for today's trading? Which stocks are likely to see volatility today?
The Indian equity markets witnessed a heavy downfall yesterday. This was the second biggest fall the markets have seen in absolute terms since October 2011. The 50-share Nifty slumped more than 200 points to end at 5341. On analysing the daily chart we can see the Nifty has formed a bearish engulfing candlestick pattern, which is a bearish pattern.
Going ahead, the Nifty has crucial support at levels of around 5300. If the Nifty trades below this level, we may see levels of 5260-5200. We expect the markets to hold on to levels of 5300, from where we may see a bounce back. On the upside, the Nifty is likely to face resistance at around 5400 and 5440.
Tata Consultancy Services has bagged a multi-million euro deal from Norwegian firm DNB. Under the six-year managed services contract, TCS will handle delivery of application maintenance and development services across DNB's IT portfolio, spanning channels, core-banking and master data areas.
Wipro is planning to strengthen its presence in the Nordic region by adding 500 people over the next three years. Wipro has about 500 people as part of its Nordic operations.
Coal India has been asked to sign FSAs with power plants by September 6, after the earlier deadline set by the Coal Ministry for signing of fuel supply pacts for a capacity of 78,000 MW expired on August 30. The direction to CIL for signing of the pacts was given by the Coal Ministry in a meeting held recently.
Goldman Sachs in its latest report has said that RIL may soon reward its shareholders. After discussions with the top management of RIL it has said that after last year’s share buyback, the company is open to considering other ways to reward shareholders again. Analysts estimate that the company would return cash of USD 3 billion over FY14-FY17. Following this, one may expect some positive movement in the share prices of RIL today.
Fresh buying can be expected in MphasiS after BNP Paribas has upgraded the stock to "buy" from “hold”. It has also raised its price target to Rs 500 from Rs 420. BNP Paribas has raised earnings per share estimates by over 10% for FY13 and has said that the valuation at the current level look cheap. Yesterday the stock gained 2% despite the fall in the broader markets. One can expect positive sentiment to continue on the stock today as well.
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